Approximately 350 million adults in sub-Saharan Africa lack access to essential financial services, trapping them in a cycle of economic instability that hinders their ability to open bank accounts, save for emergencies, and achieve financial security.

Despite this challenge, Africa stands on the brink of remarkable innovation and growth within the FinTech sector. While access to financial services remains inconsistent across the continent, innovative financial technologies have immense potential to reach individuals and businesses historically excluded from the economic system.

Recognizing FinTech's potential to drive and scale this growth, the Milken-Motsepe Prize in FinTech aims to recognize and reward innovators who can leverage technology to overcome significant barriers small and medium enterprises face in securing capital.

In Advancing Africa’s Digital Economy: A Prize in FinTech to Advance Financial Inclusion, the Milken Institute’s Strategic Philanthropy team highlights the transformative impact of prize programming in identifying groundbreaking solutions within burgeoning fields. We explore the intricacies of the FinTech prize design and share valuable insights for philanthropic investors interested in unconventional giving approaches to foster social impact.